Sentiment on Wall Street could be guarded until Nvidia Corp’s (NASDAQ:NVDA) earnings are in the rearview mirror. The index futures are barely holding up early Wednesday. Given the absence of any major catalyst, stocks could tread water and could move about listlessly. That said, the retail space could see some strength, encouraged by Nordstrom, Inc.‘s (NYSE:JWN) earnings, while some positive tech earnings could bolster sentiment toward that space.
Market strategist Ed Yardeni said in Yardeni Research’s weekly preview that Nvidia earnings are a function of AI investments by mostly other large-cap tech companies, making the AI stalwart the fulcrum of not only the AI trade but a big portion of the entire stock market rally. “Nvidia’s earnings will begin to be supported by rising demand from other tech and many non-tech companies in the S&P 493,” he said.
Futures
Performance (+/-)
Nasdaq 100
+0.09%
S&P 500
+0.06%
Dow
-0.01%
R2K
+0.05%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.08% to $562, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.11% to $477.28, according to Benzinga Pro data.
Cues From Last Session
U.S. stocks meandered back and forth across the unchanged line on Tuesday before ending higher, with IT stocks providing the thrust. After a negative start, ...
